In 4-quart Dutch oven, cook bacon over low heat, stirring occasionally, until crisp; remove bacon with slotted spoon. Refrigerate bacon.
Coat beef with flour. Cook beef in bacon drippings over medium-high heat, stirring frequently, until brown. Drain excess fat from Dutch oven.
Add wine and just enough water to cover beef in Dutch oven. Stir in thyme, salt, bouillon granules, pepper, garlic and bay leaf. Heat to boiling; reduce heat. Cover and simmer about 1 hour 30 minutes or until beef is tender.
In 12-inch skillet, melt butter over medium heat. Cook mushrooms and onions in butter, stirring frequently, until onions are tender. Stir mushroom mixture and bacon into stew. Cover and simmer 10 minutes. Remove bay leaf. Garnish stew with parsley.