Arsenal have signed one established player this summer.
Arsenal went down 4-3 at home to Liverpool on Sunday in a game which saw Arsene Wenger's side - who went 1-0 ahead - trail 4-1 at one stage of the contest.
The French manager was forced to play 20-year-old summer signing Rob Holding - on his Premier League debut - alongside Calum Chambers at the heart of the Gunners' defence due to Per Mertesacker, Laurent Koscielny and Gabriel being sidelined.
The notoriously-frugal Wenger has been accused of dithering again in this transfer window and not acting quick enough to draft in experienced cover. Midfielder Granit Xhaka, signed for £34 million, remains their only established signing this summer.
Fans of the North London club have seen it all before with Wenger, and Collymore, writing for Boyle Sports, believes that the 66-year-old's annual failure has a certain slapstick nature about it.
"As for Arsenal, it’s Groundhog Day! Soft players, no leaders, Wenger reluctant to spend and cover key positions, it’s almost getting to the point of parody now.
"The storyline is so set that all you can do is shake your head in despair if you’re a Gooner."
Supporters were restless at the Emirates on Sunday and many chanted, 'you don't know what you're doing' at the long-serving Wenger, who celebrates 20 years in the job next month.
Arsenal visit Premier League champions Leicester City on Saturday.