If you compare this to the industry crash which coincided with the 1990-1991 recession, the corporations were the first to go.
Big chains like Foot Locker sell on volume, they don't want to invest in product that doesn't sell. But the fact that skate fashion has become somewhat removed from its function means that if non-skaters continue to buy skate shoes for whatever reason(everyone needs shoes), they'll keep selling them. If not, they'll drop them for something else. Airwalk, which had started out with only corporate accounts in the mid '80s, were no longer in Mervyn's in 1991 and on the shelves of mom 'n pops.
I'm looking through a December '91 Transworld and the only corporate advertisement are for an L.A. Guns record and a Good 'n Fruity snowboard contest series. Struggling pros were scrambling to start new small companies, usually through existing manufacturers and "distributors" who'd lost their touch with the youth. Although Rocco was pretty much running things by that point, New Deal was still fairly new, as well as Acme, Black Label, Planet Earth, and Alien Workshop. Eventually, you'd see a whole slew of small companies.
That said, the industry is much different than it was in 1990. Converse was the only big shoe company to have a team, and a small one at that. Independent shops, many of the surf variety, were much more prevalent, while real skate shop owners had more of an emotional and personal investment to skateboarding. Pac Sun had dabbled in skateboards before, but it was far too esoteric to keep up with back then.
Because of these differences, I see a huge void on the retail end when Active shuts down shops (that destroyed other local shops) and when Pac Sun goes returns to tank tops and sunglasses. Smaller companies will find it harder to get accounts. Of course, the internet wasn't around in '91, however, I have yet to see independent skate shops use it to its full potential. Nike will keep pushing skateboarding as long as they can milk it, but I see little development with Adidas, Puma, etc. For some reason, I see the DLX camp as the only one coming out of this fairly unscathed.