Story about second-rate item of furniture (5)
I believe the answer is:
table
'item of furniture' is the definition.
(table is a type of furniture item)
'story about second-rate' is the wordplay.
'story' becomes 'tale' (synonyms).
'about' indicates putting letters inside.
'second rate' becomes 'b'.
'tale' placed around 'b' is 'TABLE'.
(Other definitions for table that I've seen before include "Statistical chart" , "Food stand or numbers array" , "Data arranged in rows and columns" , "put forward a > schedule" , "Food - list" .)