Dropping old stick, heel on loafer's broken it (9)

'it' is the definition.
The definition suggests a singular noun which matches the answer.

'dropping old stick heel on loafer's broken' is the wordplay.
I cannot really understand how this works, but
'old' could be 'ex' (prefix meaning former or onetime) and 'ex' is located in the answer.
'on' could be 're' ('on' can be mean 'with reference to') and 're' is found within the answer.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?