You can probably set this color by washing in Retayne. Retayne is sold in some quilt shops and online at places like Dharma Trading and ProChem.
The reason the red keeps bleeding is because the dye was not set correctly in the factory. Usually one or two washings in Retayne will set the dye.
The other reason dye bleeds is because the fabric is over-saturated with dye (more dye than the fabric can absorb). That is the case with fabric that stops bleeding after one or two regular washes. Your is the other case -- dye not properly set.