Did you purchase it at Kohl's? I'm assuming recently, as it wouldn't have happened after the first wash. You could try explaining it to a manager. The sweater should've been colorfast to prevent bleeding onto the white shirt.
I took my bf back to JcPenney's because their store brand pants got a rip in the crotch within 5-6 months of use. It wasn't even along the seam either. The store was able to look up the purchase because he has a store CC, and did a return with no problems. Then he ordered a new pair of Haggar pants, which are a million times better quality.
The more you try to pull the pink out, the more you'll fade the red. It's a cute top, just not well executed by the maker. You shouldn't have to live with spending money on something you weren't able to get full use out of. Isn't Kohl's like one of the top stores for easy returns?