Two ways I have fixed stripped holes in wood.
First is kinda cheating, but works. The second is the correct way.
1. Get some tooth pics. Break to length of the depth of the hole. Insert and assemble.
2. Get some hard wood dowels roughly 3-4 times the diameter of the hole. If in doubt get a bit bigger. Get a drill ever so slightly larger than dowels. Drill out stripped holes at least twice there length. Cut the dowels to just a bit longer than the depth of those holes. Using good wood glue, completely coat the dowels and insert in holes. Let dry at least 24 hours, sand the dowels flush with surface. Give it at least one coat ( A Couple is better) of polyurethane or your choice of sealer/finish. Now re-mount the spacer and call it good!!
Good luck,
CW