Pat chicken thighs dry and season generously with salt and pepper. Dredge in flour, shaking off excess.
In a large Dutch oven over medium heat, cook bacon until crispy. Remove with a slotted spoon and set aside.
In the bacon fat, brown chicken thighs on both sides (about 4 minutes per side). Remove and set aside.
Add mushrooms to the pot and cook until golden, about 5 minutes. Remove and set aside.
Add onion and carrots to the pot, cooking until softened, about 6 minutes. Stir in garlic and tomato paste, cooking for 1 minute.
Pour in wine, scraping up any browned bits from the bottom of the pot. Bring to a simmer and cook for 3 minutes.
Add chicken broth, thyme, and bay leaves. Return chicken and bacon to the pot. Bring to a boil, then reduce heat to low.
Cover and simmer for 45 minutes, then add mushrooms back in and cook for another 15 minutes until chicken is fall-apart tender.
Remove bay leaves and thyme sprigs. Taste and adjust seasoning. Garnish with fresh parsley and serve over mashed potatoes or crusty bread.