Heat a large dutch oven over medium-high heat and cook the bacon until crispy. Remove the bacon to a paper towel lined plate to drain. Add 2 tablespoons olive oil, when the oil is shimmering, add the chicken. Season with salt and pepper and cook the chicken until browned, about 5 minutes per side. Remove the chicken from the pot and place on the plate with the bacon.
To the same pot, add 1 tablespoon olive oil, then add the onion, garlic, and carrots. Cook the veggies, stirring often until soft and lightly caramelized, about 5 minutes. Stir in the tomato paste and mushrooms and cook another minute or two. Slowly pour in the red wine and chicken broth. Add the bay leaves and thyme and season with salt + pepper. Stir back in the chicken and bacon. Add the cranberries, stir to combine and then bring the sauce to a boil, reduce the heat to medium and simmer for about 20-30 minutes or until the sauce has reduced by about 1/3 and the chicken is cooked through. Cooking times will vary depending on the thickness of your chicken.
Serve the chicken with egg noodles, mashed potatoes and or bread. Garnish with fresh parsley.