I decided to just keep it and use it for the backing to the runners. I compared it to the original and it was quite a bit lighter but not as bad as I originally thought but most of the lighter purple areas in my washed fabric is now periwinkle if that makes sense. I considered taking it back but for what I paid for it I might as well just use it for the backing.... but then maybe I should just not risk it and take it back the next time I go in. I would be horrified if it wasn't done doing its thing.... I didn't have enough time today to go through the customer service lines even if I had decided to return it while I was there. I'm sure I'll be back over there in the next week... I'll return it and get a purple calico or something to use for the backing. I did find some great material at Hobby Lobby when I went out so I'll be washing that today and adding that to the fabric lineup...
I will honestly say that I have never ever seen fabric bleed like that before though. It was just horrifying. I had it in the sink with warm water running over it and all you had to do was squish it and red ran freely. Hmmm. Maybe I will just take it back. I suppose it is better to be safe than sorry....