This might only be for subalbums, as I'm not sure exactly what you mean by subalbums. My account's name is a main album and all the albums beneath it might be what you mean by subalbum.
Anyway....On the left side where it says "Albums" and it's sort of a grey border, and beneath it are all my album names, there's a link to the right of the work "Albums" for "edit." From edit I have options for edit, rename, or delete to each album.
Hopefully that will help you, but I fear it won't.
See, I knew American Eagle was first class all along!