Pearce was appointed the Forest manager in the summer of 2014 amid much fanfare and expectations.
The Reds started the season brilliantly, but soon they started to crumble and eventually the 53-year-old was sacked in February following a run of six defeats in seven matches.
Forest were in mid-table in the Championship at the time of dismissal of Pearce, who has now revealed that injuries to Andy Reid, Jack Hobbs and Chris Cohen played a huge role in the team’s poor performances.
Defender Hobbs returned to action in January, while midfielders Reid and Cohen did not play again this season.
“From my point of view, it started fantastically well,” the 53-year-old former Forest defender said on the Matchday Live with Fletch & Sav show on BT Sport on Saturday.
“It was great to be back to the club that I have been at for 12 years, the connection with the fans and everything was fantastic.
"Probably about seven or eight weeks into the season, we lost three players all in a week, big players at the club - Andy Reid, Jack Hobbs and Chris Cohen. I think especially with Cohen and his leadership, it was something that we probably did not recover from.”
Following the dismissal of Pearce, Dougie Freedman was appointed the club’s manager. The Scot started brilliantly as well and led the Reds close to the playoff spots in the Championship.
However, the month of April was hugely disappointing for Forest, who ended the 2014-15 Championship campaign with a 2-1 defeat to Cardiff City at the City Ground on Saturday.