Story about second-rate furniture item (5)
I believe the answer is:
table
'furniture item' is the definition.
(table is a type of item of furniture)
'story about second-rate' is the wordplay.
'story' becomes 'tale' (synonyms).
'about' indicates putting letters inside.
'second rate' becomes 'b'.
'tale' going around 'b' is 'TABLE'.
(Other definitions for table that I've seen before include "Horizontal furniture" , "Board < put on" , "Food - list" , "Food put on this" , "Move; furniture" .)