Haggard woman embracing old loafer? (4)
I believe the answer is:
shoe
'loafer?' is the definition.
(loafer is a kind of shoe)
'haggard woman embracing old' is the wordplay.
'haggard woman' becomes 'she' (I've seen this in another clue).
'embracing' means one lot of letters goes inside another.
'old' becomes 'o' (abbreviation as in OT - Old Testament).
'she' going around 'o' is 'SHOE'.
(Other definitions for shoe that I've seen before include "'For want of a nail the . . . . was lost'" , "trainer, for example" , "Playing card box" , "Flash socket on camera" , "Maybe casual" .)