Step 1: Concept
Photorespiration (the $C_{2}$ cycle) is a wasteful pathway that occurs when RuBisCO fixes oxygen instead of carbon dioxide.
Step 2: Meaning
This process is complex and requires the coordination of three different cellular compartments to recycle the phosphoglycolate produced.
Step 3: Analysis
The process starts in the Chloroplast (formation of glycolate), continues in the Peroxisome (glycolate to glycine), and finally moves to the Mitochondria (release of $CO_{2}$ and formation of serine).
Step 4: Conclusion
The correct spatial sequence for these reactions is Chloroplast, followed by Peroxisome, then Mitochondria.
Final Answer: (B)