In 12-inch skillet, heat 1 tablespoon oil and half of garlic on medium until garlic begins to sizzle. Add bread and stir until well coated. Cook 5 to 6 minutes or until golden brown and crisp, stirring occasionally. Transfer to large platter.
Wipe out same skillet and add remaining tablespoon oil; heat on medium-high until hot. Add chicken and sprinkle with 1/4 teaspoon salt and 1/4 teaspoon freshly ground black pepper. Cook 3 minutes or until browned, stirring occasionally. Transfer to medium bowl.
Reduce heat to medium and add peppers. Cook 2 to 3 minutes or until peppers are just beginning to soften. Add shallots and remaining garlic; cook 2 minutes, stirring constantly. Stir in sherry and water, scraping up any browned bits. Cook 3 to 4 minutes longer or until peppers are very soft. Return chicken to skillet along with any juices. Cook 4 minutes or until chicken is no longer pink inside, stirring occasionally.
Remove skillet from heat and stir in lemon juice, olives, parsley, and 1/8 teaspoon salt. Pour chicken mixture over croutons. Serve immediately.
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