Yarn, story about vacuous showgirl (5)
I believe the answer is:
lisle
'yarn' is the definition.
(lisle is a kind of yarn)
'story about vacuous showgirl' is the wordplay.
'story' becomes 'lie' (I've seen this before).
'about' indicates putting letters inside.
'vacuous' suggests removing the centre.
'showgirl' with its centre taken out is 'sl'.
'lie' going around 'sl' is 'LISLE'.
(Other definitions for lisle that I've seen before include "(Fabric woven with) a fine cotton thread" , "Pedestrianised city" , "Type of cotton yarn" , "Cotton stocking thread" , "Strong twisted cotton thread for the strange Ellis" .)