The most common and most likely answer to this crossword clue is the 8 letter word DEPRIVES
I've seen this crossword clue in Financial Times
D
E
P
R
I
V
E
S
Buddy explains!

The straight part
We know that "strips" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case strips = deprives.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DEPRIVES mean?
DEPRIVES verb- To take something away from (someone) and keep it away; to deny someone something.
- To degrade (a clergyman) from office.
- To bereave.