Green’s Dictionary of Slang

strip-me-naked n.2

[? the quantity of the food fills one up and one gets relief by taking off one’s clothes, or the expense involved in purchasing the food leaves one ‘naked’ of cash]

(W.I.) any form of food made from flour, e.g. biscuits, cake.

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[WI]cited in Cassidy & LePage Dict. Jam. Eng. (1980).