The Reds have had a disappointing campaign, and they currently sit in 14th place in the Championship table - with no hope of making it into the play offs.
Forest have won just one of their last six matches, and their poor form caused Al-Hasawi to controversially sack Dougie Freedman.
The Scot lost his job after a 3-0 defeat to Sheffield Wednesday, but Cohen claims that Forest’s players are to blame for their dire run of results.
"We haven't been good enough and we feel that we've let Dougie down,” he said. “We’ve apologised to Fawaz for that.
"The way we've been playing and the run we've been on is down to the players.”
Freedman’s sacking means that Forest have now not kept a manager in place for an entire season since way back in 2010/11.
Their instability has caused frustration amongst a fan base which is becoming increasingly disgruntled.
Forest have now placed Paul Williams in charge until the end of the season, while Andy Reid has been handed a first-team coaching role.
Forest’s first match under Williams’ guidance comes against Hull City later this evening.