Heat a Dutch oven over medium high heat. Add bacon and cook until brown and crispy, about 6-8 minutes. Transfer to a paper towel-lined plate, reserving excess fat in the Dutch oven.
Season chicken thighs with 1 teaspoon salt and 1/2 teaspoon pepper.
Working in batches, add chicken to the Dutch oven, skin-side down, and sear both sides until golden brown, about 2-3 minutes per side; set aside. Drain excess fat, reserving 2 tablespoons in the Dutch oven.
Add mushrooms and shallots, and cook, stirring occasionally, until mushrooms are tender and browned, about 5-7 minutes; season with salt and pepper, to taste.
Stir in garlic until fragrant, about 1 minute.
Whisk in flour and tomato paste until lightly browned, about 1 minute.
Stir in wine, scraping any browned bits from the bottom of the Dutch oven. Stir in chicken stock, thyme and carrots. Return chicken to the Dutch oven.
Bring to a boil; reduce heat and simmer, partially covered, turning the chicken once or twice, until chicken has completely cooked through, reaching an internal temperature of 175 degrees F, about 40-45 minutes.
Stir in bacon and parsley; season with salt and pepper, to taste.