Part of shoe pinched, losing time (4)
I believe the answer is:
sole
'part of shoe' is the definition.
'pinched losing time' is the wordplay.
'pinched' becomes 'stole' (pinch can mean to steal).
'losing' is a deletion indicator.
'time' becomes 't' (abbreviation).
'stole' with 't' taken away is 'SOLE'.
(Other definitions for sole that I've seen before include "European flatfish" , "Underside of the foot" , "Underside of footwear" , "Just one - fish" , "Bottom of the foot" .)