Pros
A high turnover of staff makes meeting new people easy, it also means there are plenty of advancement opportunities as your boss will probably lose his job sooner or later.
Cons
The business is failing and this creates an culture of blame, constructive criticism or pointing out opportunities is usually met with extremely defensive behaviors up and down the company. The product is old, the manufacturing process has not changed in over 100 years. Competitors are creating higher quality product through much cheaper manufacturing processes, and without the appetite to evolve I can't see the situation changing nor any career being a long term prospect. The computer systems used are also very old and limiting, they have recently spent a huge amount of money upgrading - but they upgraded to another extremely old and limited system.