Shoe: lose it, disaster! (4-4)
I believe the answer is:
flip-flop
'shoe' is the definition.
(I know that Flip-flop is a type of sandal)
'lose it disaster' is the wordplay.
'lose it' becomes 'flip' (both can mean to become very angry suddenly).
'disaster' becomes 'flop' (I've seen this in another clue).
'flip'+'flop'='FLIP-FLOP'
(Other definitions for flip-flop that I've seen before include "Shoe held on by a toe-thong" , "Rubber-soled sandal" , "Light shoe" , "Rubber sandal" , "Flimsy sandal" .)