Claudio Ranieri’s side crashed to their fourth consecutive league defeat as Manchester United romped to a 3-0 victory at the King Power Stadium on Sunday.
The Foxes are only one point above the relegation zone and have just one win in their last nine league games.
It is an incredible collapse just nine months after Leicester were crowned English champions and Schmeichel acknowledged his team had only themselves to blame.
“First 40 minutes we played OK then after that unacceptable. It is not good enough and sums our season up at the moment,” Schmeichel told Sky Sports.
“It is not a comfortable situation. It has been terrible, embarrassing.
“Let’s not talk about last season. It’s gone. We need to stand up and be counted. There are a lot of factors that go into it but this season has not been good right from the start.”
Leicester look to be lacking the focus and commitment that carried them to the title.
But, quizzed about reports that Ranieri has lost the backing of his players, Schmeichel refused to blame the boss and called for his squad to stick together.
“I am not commentating on newspaper speculation. I know what is going on in the dressing room, we are a group of players low on confidence but not low on fight,” he said.
“It is time for each one of us – from the top to the bottom of this club – to be counted. If we don’t we will be relegated.”
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