Gerard Houllier believes Arsenal have been harshly dealt a number of injuries to key players this season.
Houllier, these days the Head of Global Football for Red Bull, told talkSPORT's Press Pass that Walcott's season-ending knee injury has compounded the problems felt by midfield duo Jack Wilshere and Aaron Ramsey.
"They lost some key players," said Houllier.
"At this moment the big loss for them was Theo Walcott. Theo was giving them some depth and some speed up front and once they lost him the results suffered.
"Particularly in big games he's a threat and he can make goals and score goals. He had improved a lot so it's a shame he's not playing at the moment.
"They lost Theo, Wilshere and Ramsey, who had a terrific start to the season. It is too many key players plus the fact they look a bit more tired than the others [hasn't helped]."
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